Guaranteed allocation from Account for tax proceeds pledged to secure obligations. The Executive Director shall ensure that each local government, special district or enterprise district that:
1. Received, before July 1, 1998, any portion of the proceeds of a tax which is included in the Account; and
2. Pledged a portion of the money described in subsection 1 to secure the payment of bonds or other types of obligations,
Ê receives an amount at least equal to that amount which the local government, special district or enterprise district would have received before July 1, 1998, that is pledged to secure the payment of those bonds or other types of obligations.
Last modified: February 27, 2006